EURAUD possible complex head and shoulder formation
Updated
EURAUD has been in a range for an extended period of time and much energy should be released from the next move, up or down.
I see a potential complex head and shoulder pattern locked in a range but we have to confirm this by breaking the neckline.
Idea 1: I will short using a very tight stop on a small intraday time frame at the upper range if I see signs of rejection.
Idea 2: I will short if we break down on the retest.
Idea 3: If the head and shoulder is not confirmed and we break on the upside instead, I will get long on the retest of the green line.
I see a potential complex head and shoulder pattern locked in a range but we have to confirm this by breaking the neckline.
Idea 1: I will short using a very tight stop on a small intraday time frame at the upper range if I see signs of rejection.
Idea 2: I will short if we break down on the retest.
Idea 3: If the head and shoulder is not confirmed and we break on the upside instead, I will get long on the retest of the green line.
Trade active
Took a small short here, starting to build a position. Stop at 1.5831.Not really liking the fact that we went past the trendline I had drawned so waiting
to see if we can close back inside the range before selling more.
Trade closed manually
My stop on the short side got hit at 1.58 and glad I didnt take a big position.We now broke the highs so I am waiting for a retracement to the green line and a test of that new support to enter. Placed a few buy orders in that zone and will buy more if I feel the price action is right.
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